Are the Canadiens for sale or is it a form of wishful thinking on the part of Research-In-Motion founder Jim Balsillie?  Truth?  Or simply another sports ego running off at the mouth?

His statements to the two reporters from La Presse were definitive. 

"The Canadiens are for sale" he said. 

But this is not the first time that Balsillie has found himself in trouble over what, in the business community would be termed, ill advised and badly timed statements.  His public handling of his potential takeover of the Nashville Predators was notable for a total misunderstanding of what is required to operate in the realm of sports ownership.  In  the end Balsille managed to offend almost every one of his potential future partners. 

The league, led by Commissioner Gary Bettman, was so eager to shut Balsillie out that they organized a sweetheart deal for Nashville owner Craig Leipold that paved the way for a future takeover of the Minnesota Wild. 

Why would Gillett sell?  

He's a businessman first.  He has bought and sold companies all his life.  He began with television stations  in 1979.  He added newspapers 5 years later.   Then ski resorts.  And then bankruptcy protection  in 1992 when his junk bond financing came home to roost.  He refinanced and expanded his ski resort empire, added meat-packing and in 2000 made took his first shot at sports ownership with a failed attempt to buy up the Denver Broncos, Nuggets and the Colorado Avalanche.  However, on January 2, 2000 he bought just over 80% of the Canadiens and 100% of the Bell Centre for 185 million dollars. 

 Since Gillett took over the team the  Canadiens' book value, according to Forbes Magazine, has increased 80% to  342 million dollars .  Forbes also reports that Gillett is highly leveraged.  73 % of the franchise value is owed to banks, one of the worst debt-to-value ratios in the NHL. 

Everything has a price.  If someone were to offer, for instance, 700 million dollars for the franchise, Gillett would be foolish not to give it more than a passing thought. 

In current economic times is it time for a good businessman to cash out?  Unless you're Warren Buffett, the answer seems to be "yes". 

Why Gillett would not sell

The first thing that comes to mind is "pride".  Gillett may have bought the Canadiens as part of a "good business deal".  Since then he's come to realize that hockey in Montreal is not just a game and a spectator sport; it is as Ken Dryden once said "an art-form".   He has become immersed in the history of the game in the city.  Gillett constantly refers to himself as a mere custodian of the team  for it's fans.   His regime has put together a management team, top-to- bottom, that potentially could rank with the Selke/Pollock eras , a time when the club was benevolantly run by the Molson family. 

Putting the Canadiens up for sale in the 100th anniversary season of the franchise; with the All-star Game scheduled for January at the Bell Centre; with the club on the verge of greatness seems to be the wildest stretch imaginable.  Gillett, at age 70, is having the time of his life  in Montreal and he's making a load of money off his original investment.  Why in the world would he sell?